By Jade Markus and Dave Sims, Commodity News Service Canada
Winnipeg, October 6 (CNS Canada) – ICE Futures Canada canola ended stronger on Thursday, underpinned by precipitation in Western Canada.
Rain and snow in parts of the Prairies could hurt canola crops, and are causing harvest delays.
Losses in the Canadian dollar against its US counterpart added to the advances.
Stronger crush margins were also a feature.
About 16,217 canola contracts traded on Thursday, which compares with Wednesday when 18,772 contracts changed hands. Spreading accounted for about 9,832 of the contracts traded.
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SOYBEAN futures finished mostly higher on Thursday. The front-month contracts took strength on harvest delays across the US Midwest, rising about a cent per bushel, while the more deferred contracts were pressured slightly lower by reports of large yields.
Strong US exports helped prop up values.
However, Informa Economics bumped up its estimate for the US crop from 49.5 bushels an acre to 51.6 bushels an acre.
Soyoil finished 44 to 46 points higher following soybeans.
SOYMEAL futures weakened on the day.
Corn futures fell six to seven cents per bushel with commercial selling.
Informa Economics adjusted its estimate for US corn yields. The agency pegged corn yields at 174.5 bushels an acres, which was down from the previous figure of 175.2 bushels an acre.
There is still enough rain in the Midwest to delay harvesting in certain areas, which was supportive.
Wheat futures on the Chicago Board of Trade dropped eight to nine cents per bushel Thursday, as weekly export sales failed to meet analysts’ forecasts.
The United Nations boosted its projections for global wheat production to 742 million tonnes, which was bearish.
Morocco purchased a quarter million tonnes of soft wheat from the US.
– The winter wheat harvest in Saskatchewan is complete while 79 percent of the spring wheat, and 86 percent of the barley has been harvested.
– Russia may begin exporting wheat to Venezuela before the end of the year.
